Home News Business News Co-operative bank posts Ksh. 20.7 billion profit in 2019

Co-operative bank posts Ksh. 20.7 billion profit in 2019

Co-op Bank CEO Gideon Muriuki
Co-op Bank Group CEO Gideon Muriuki

Co-operative Bank Group has reported a pre-tax profit of Ksh. 20.7 Billion for the full year ended December 2019 compared to Ksh. 18.2 Billion recorded in 2018, a growth of 1% in the year.

In the period under review, the Group’s profit similarly rose to Ksh. 14.3 billion compared to Ksh. 12.7 billion in the previous year. Total operating income grew by 10.9% from Ksh. 43.68 billion to Ksh. 48.46 billion. The Growth in Operating Income attributed to an increase in Total interest income from Ksh. 43.02 billion to Ksh. 43.64 billion on account of; Interest income from government securities increasing by 16% from Ksh. 9.79 billion to Ksh. 11.35 billion. Interest income from loans and advances decreased slightly by 3.5% from Ksh. 32.95 billion to Ksh. 31.78 billion.

On the other hand, the Group’s total assets grew by Ksh. 43.6 Billion to Ksh. 457 Billion from Ksh. 413.4 Billion recorded at the close of year 2018. Net loans and advances book grew by 21.31 billion to stand at Ksh. 266.71 billion compared to Ksh. 245.41 billion in 2018. Investment in government securities grew by Ksh.37.53 billion to Ksh. 117.80 billion compared to Ksh. 80.27 billion in 2018. Customers deposits grew by 8.7% from Ksh. 306. 12 billion to Ksh. 332.82 billion

“The Group has continued with a strategy of ‘increased dominance’ in the Domain Market Segment (Kenya) leveraging on our successful penetration of the Retail and Consumer Banking, Micro, Medium and Small Enterprises, Corporate Banking and the Co-operative Movement; while reviewing opportunities to grow alternative income streams from other services like Bancassurance and non- funded income streams,” Cooperative Bank Group’s Chief Executive and Group Manager said in a statement.

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